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Financial Word of the Decade - Should One Beware of a "Fiduciary"? Hell Yes!

 
Squonk1960

User ID: 76733903
United States
10/18/2019 07:22 PM

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Financial Word of the Decade - Should One Beware of a "Fiduciary"? Hell Yes!
So, most of you that have funds invested somewhere, many of you have a "financial planner". Recently in the last few years, if you watch any business channel, you will see ad over ad of what I will call a scam artist claiming to be a fiduciary. A fiduciary in basic terms means a person that is looking out for his/her clients best interest.

Here is the rub on that. Any financial advisor can claim they are "acting in your best interest" as a client if he/she has justified IN THEIR OWN MIND what is in your (the client's best interest)-- but is it really?? They can say they "thought" it was-- yet maybe they were making recommendations that are costing you 10-fold or more the fees that a more appropriate investment would cost. It all comes down to, can the "fiduciary" claim he/she is working in your best interest. That my friends is something that is quite subjective, and cannot be "charged" as these MF's can claim virtually anything they want, and still say why they felt they were working in your interest. SO BEWARE.

Recently I attended a "Free" seminar here in Florida (where I live) on how to make social security work the best for me-- ie: when I start taking. All of the seminar was fine, but the hook was it was provided by a financial advisor in the area trying to suck you into his company. His designation was a "Certified Financial Fiduciary", which sounds all well and good, but if you look into it, it is nothing like a CFP (Certified Financial Planner), which has much more stringent requirements, examinations, etc -- and already had in it's code of ethics that THEY ACT IN THEIR OWN CLIENT'S BEST INTEREST. I met with this dude. the CFF, a week afterward, but I did some research on him before hand when went in to meet with him. I asked him some pointed questions about what his "certification" was, and if it was any way comparable to a Certified Financial Planner. I then went on to tell him in my career, where I have a top designation (with many educational, exams, experience, and a thesis), that their were always new "designations" popping up that sounded very good to the public, but was nothing even close to the equivalency or competency. He knew I had him check-mate and he would never see a penny of mine.

Think about this before you invest with any of these "small" outfits who claim they are looking out for you as a "fiduciary". For the most part, they are not. They are looking out for their own pocket book, and can easily justify "in their own mind" that they are looking out for your interest, when they really are not. I have all my $$ with a major US Investment company with a very good overall record and very, very low annual fee (0.3% or under 1/3 of 1%). I am quite confident that this the Certified Financial Planner is still working in MY best interest. He works on a salary and not on his "advice".

Last Edited by Squonk on 10/18/2019 07:52 PM
Nous sommes du soleil. -- We are of the sun.
Moon&Stars

User ID: 29184782
United States
10/18/2019 07:28 PM
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Re: Financial Word of the Decade - Should One Beware of a "Fiduciary"? Hell Yes!
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